CoinSpot and Swyftx are among Australia’s leading cryptocurrency exchange platforms. As of May 2022, CoinSpot boasts more than 2 million customers, while Swyftx has over 300,000 verified customers.
These platforms have premium features that allow users to carry out their transactions smoothly. This article compares these two platforms—security, fees, NFTs, features, deposit methods, supported cryptocurrencies, and staking.
Read on to learn about their similarities and differences so you can make a more informed trading decision.
The Pros and Cons of Swyftx and CoinSpot
- Swyftx offers new customers $20 worth of BTC when they sign up.
- The platform has a demo mode where beginners can learn how to practise trade.
- The platform supports over 300 crypto coins.
- Swyftx allows its customers to stake on 21 coins to earn interest.
- The platform’s customer support has a live chat option.
- Swyftx supports fewer cryptocurrencies than CoinSpot.
- The platform does not have an NFT marketplace.
- CoinSpot is the most audited and secure cryptocurrency trading platform in Australia.
- The platform’s security features are customisable.
- The exchange supports more than 370 cryptocurrencies.
- CoinSpot allows its customers to stake on 22 coins to earn interest.
- The platform’s customer support has a Live Chat that is available 24/7.
- The platform allows you to store cryptocurrencies offline securely.
- CoinSpot only charges a 0.1% trading fee on market orders.
- CoinSpot has higher spreads than Swyftx.
- CoinSpot’s fees for instant buying and selling are higher than Swyftx’s.
CoinSpot vs. Swyftx Features
Swyftx is engineered to make cryptocurrency trading smooth for beginners. The platform has an Instant Buy/Sell feature, allows access from a computer or phone, offers live chat customer support, has a demo mode, and is easy to use.
The platform’s demo mode benefits beginners who want to improve their trading skills without the risk of losing money. The feature allows users to familiarise themselves with crypto trading using virtual money before carrying out actual trades. Swyftx allows its users to stake on 21 coins to earn interest.
Similarly, CoinSpot also has beginner-friendly features. Their Instant Buy/Sell feature is intuitive, and swapping crypto coins is also very easy. The platform allows customers to access their accounts on computers and mobile devices.
Users can contact the 24/7 customer support via live chat. CoinSpot allows its customers to stake on 22 different coins. The platform has an NFT marketplace where customers can purchase NFTs with any cryptocurrency.
Winner: It is evident that CoinSpot has more superior features than Swyftx. It has an NFT marketplace and an NFT wallet and allows you to stake on more coins.
CoinSpot vs. Swyftx Fees
On CoinSpot, users can trade in two ways. The first is through Market Buy, which charges a trading fee of 0.1%. The second is Instant Buy/Sell, a feature that charges 1% to swap cryptos. Traders are advised to purchase high market-cap tokens like ETH and BTC via Market Buy.
Unlike CoinSpot, Swyftx does not have a Market Buy feature. However, its Instant Buy/Sell feature only charges a fee of 0.6%. Swyftx is, therefore, the preferred platform for instant cryptocurrency swaps. CoinSpot and Swyftx both offer free AUD withdrawal and deposit for Australians.
Winner: Swyftx’s low trading fee makes it the more suitable platform for customers looking to swap cryptocurrency instantly. To access the Market Buy feature, use CoinSpot instead.
Swyftx vs. CoinSpot Safety and Security
CoinSpot has been part of AUSTRAC and Blockchain Australia since its inception in 2013. The platform is regulated by ASIC and, therefore, a safe platform for digital trading assets. Customers can save their assets on CoinSpot without fear of theft. CoinSpot is the only cryptocurrency exchange platform to get an ISO 27001 certification for data security.
Founded in 2018, Swyftx is a relatively new platform compared to CoinSpot. However, it has the necessary licensing and is regulated by ASIC and AUSTRAC. It is also part of Blockchain Australia.
Winner: CoinSpot’s ISO 27001 certification makes it the clear winner.
Swyftx vs. CoinSpot Supported Crypto
Swyftx supports more than 300 cryptocurrencies. The platform offers ten different crypto bundles.
CoinSpot supports 370+ cryptocurrencies, meaning it offers 70 more cryptocurrencies than Swyftx. It has the latest Metaverse, NFT, and DeFi tokens. The CoinSpot platform offers 15 different Crypto Bundles, much like ETFs.
Winner: CoinSpot wins. The platform offers its customers more cryptocurrencies and Crypto Bundles than Swyftx.
Swyftx vs. CoinSpot Deposit Methods
CoinSpot users can deposit AUD using different methods, including PayID, Australian Bank Transfers, BPAY, cash deposits, and POLi.
Investors who use Swyftx can deposit AUD via credit and debit cards, Australian Bank Transfers, PayID, and POLi.
Winner: Investors who use CoinSpot have more options for depositing AUD than those who use Swyftx. CoinSpot wins again.
Australian investors who want a native wallet and marketplace for NFTs have CoinSpot as their sole option. CoinSpot’s NFT marketplace allows investors to buy and sell trending NFTs and collections on OpenSea.
Unfortunately, Swyftx is yet to introduce NFT trading features to its customers. The platform does not have an NFT marketplace or wallet for secure storage or trading.
Winner: CoinSpot wins again. CoinSpot partners with OpenSea, making it very superior. Their wallets and marketplace are straightforward to use.
When you compare CoinSpot and Swyftx in terms of features, fees, safety, security, supported cryptocurrencies, the deposit options available, and NFT wallets, CoinSpot emerges as the clear winner. They have more cryptocurrencies for their customers, offer more staking options, and have an NFT wallet and marketplace. Unsurprisingly, the platform has gained over 2 million customers.
Frequently Asked Questions
Is Trading on CoinSpot Cheaper than on Swyftx?
Yes. CoinSpot is cheaper when buying or selling high market cap cryptocurrencies such as ETH. Swyftx’s low Instant Buy/Sell trading fee makes it suitable for customers looking to swap cryptocurrency instantly. To access the Market Buy feature, use CoinSpot instead.
Which is better: CoinSpot or Swyftx?
CoinSpot is a better cryptocurrency trading platform than Swyftx. They have more cryptocurrencies for their customers, offer more staking options, and have an NFT wallet and marketplace. Swyftx does not have NFT wallets or marketplaces.
Which of the Two Platforms Offers Better Staking?
CoinSpot offers more cryptocurrencies for staking than Swyftx. They also offer a better experience and higher interest rates.